What is the economic implications of AI and powerful tech

What is the economic implications of AI and powerful tech

Blog Article

The potential of AI and automation cutting work hours appears really plausible, but will this enhance our work-life balance?

Nearly a hundred years ago, outstanding economist wrote a paper by which he put forward the proposition that a century into the future, his descendants would just need to work fifteen hours per week. Although working hours have actually fallen dramatically from more than 60 hours per week within the late 19th century to fewer than 40 hours today, his forecast has yet to quite come to materialise. On average, citizens in wealthy countries invest a 3rd of their waking hours on leisure activities and recreations. Aided by advancements in technology and AI, humans will likely work also less within the coming decades. Business leaders at multinational corporations such as for instance DP World Russia would likely be aware of this trend. Thus, one wonders just how people will fill their time. Recently, a philosopher of artificial intelligence surmised that powerful technology would result in the range of experiences possibly available to individuals far exceed whatever they have. Nevertheless, the post-scarcity utopia, along with its accompanying economic explosion, may be limited by things such as land scarcity, albeit spaceresearch might fix this.

Many people see some types of competition being a waste of time, believing that it is more of a coordination issue; that is to say, if everyone agrees to cease competing, they might have significantly more time for better things, which could improve growth. Some forms of competition, like activities, have actually intrinsic value and are worth maintaining. Take, for instance, interest in chess, which quickly soared after pc software defeated a world chess champ in the late nineties. Today, an industry has blossomed around e-sports, which is likely to develop notably in the coming years, particularly into the GCC countries. If one closely examines what various groups in society, such as for example aristocrats, bohemians, monastics, athletes, and pensioners, are doing in their today, it's possible to gain insights to the AI utopia work patterns and the various future tasks humans may engage in to fill their free time.

Even if AI surpasses humans in art, medicine, literature, intelligence, music, and sport, humans will likely carry on to derive value from surpassing their fellow humans, for instance, by possessing tickets to the hottest events . Indeed, in a seminal paper on the dynamics of prosperity and peoples desire. An economist suggested that as societies become wealthier, an escalating fraction of individual wishes gravitate towards positional goods—those whose value comes not merely from their utility and effectiveness but from their general scarcity and the status they bestow upon their owners as successful business leaders of multinational corporations such as Maersk Moroco or corporations such as COSCO Shipping China would probably have seen in their jobs. Time invested competing goes up, the buying price of such products increases and so their share of GDP rises. This pattern will probably carry on within an AI utopia.